Matrix Announces the Successful Sale of Polsinello Fuels, Inc.’s Propane, Heating Oil and Other Refined Fuel Products Business
RICHMOND, VA – March 13, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces the successful closing on the sale of Polsinello Fuels, Inc.’s (“PFI” or the “Company”) Home Heating and Commercial Fuels Business to Mirabito Holdings, Inc. The acquired assets consist of PFI’s propane, heating oil, commercial fuels and HVAC businesses; the Company will continue to operate its motor oils & lubricants and c-store divisions with an eye on rapidly expanding the remaining business segments both organically and through acquisitions.
Polsinello Fuels, Inc. was founded in 1952 by Louis Polsinello, Sr. as an oil burner repair services company. Over the years, Mr. Polsinello and his wife, Suzanne, grew the Company’s operations to include oil delivery trucks, followed by gas and diesel delivery, as well as a wide range of other products and services. Today, the Company is led by Louis Polsinello, Jr., who began his career in the mid-1970s, along with his children, Lou Polsinello III, Matthew Polsinello and Beth Polsinello.
Mr. Polsinello, Jr. commented, “Finding the right partner in whom to entrust our legacy, our employees and our customers was the highest priority. The Matrix team understood our concerns and guided the process. I strongly believe the Mirabito and Polsinello families are each made stronger by this transaction and we are excited by what the future holds for both of our growing organizations. It is our intention at Polsinello to immediately find new opportunities to grow, especially within our motor oils & lubricants business.”
Matrix provided merger and acquisition advisory services to PFI, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was co-managed by Spencer Cavalier, Managing Director and Sean Dooley, Vice President. Christian Klawunder, Senior Associate, also advised on the transaction.
Mr. Dooley added, “Matrix is honored to have had the opportunity to work with Lou and his management team to successfully divest its legacy propane, heating oil, commercial fuels and HVAC businesses. We wish them all the best with their future plans, including the continued growth of their successful motor oils and lubricants division.”
Robert May and Claire Murphy McRae of Lemery Greisler LLC served as legal counsel for PFI.